George Osborne, the Chancellor who announced sweeping budget cuts, met with 100 British business leaders. Did any of them complain the cuts would threaten the economy? “Quite the opposite: the chief priority of the delegates, who control businesses together worth roughly £1 trillion, was to stick to the Government’s deficit reduction target.” The Times calls this “an emphatic endorsement of the Government’s strategy.”

TSE-listed companies are now disclosing the salaries of individuals earning more than 100 million yen. This is a welcome step. Despite the uproar, it’s natural that heads of global groups, such as Nissan or Sony, receive greater pay than executives focusing on the domestic market. In fact, the Financial Times hopes even “greater pay differentials” will result. Managers that generate cash, rather than just hording it, deserve higher salaries. During 2010, Japanese companies are expected to generate less than half the return on equity of other stocks in the developed world. Higher salaries could “be both useful and justified” in raising corporate performance.

The Supreme Court effectively struck down Chicago’s ban on handguns. Last weekend, 26 people were shot and 3 killed. The weekend before the totals were double: 50 shot and 8 killed. “Chicago has to win the daily struggle on its streets.” Without the handgun ban, the city will need to look for new options.

Emerging countries are increasingly driving the global economy. The U.S. subprime crisis and the European debt crisis have accelerated a “new world order.” Investors who used to look to the U.S. for leading indicators now “find themselves monitoring Shanghai apartment prices and Chinese iron ore imports.”

Emerging countries are increasingly driving the global economy. The U.S. subprime crisis and the European debt crisis have accelerated a “new world order.” Investors who used to look to the U.S. for leading indicators now “find themselves monitoring Shanghai apartment prices and Chinese iron ore imports.”

What a difference a year makes. A year ago, the world questioned the U.S.-built financial architecture. China, especially, worried “it had made the wrong bet in relying on the United States to manage the global economic system.” But efforts to rescue the financial system worked. Now, “the United States is once again in the driver’s seat on global economic policy, with China emerging as a potent partner.”

The stakes are high for the North Korean World Cup team. Their 7-0 defeat by Portugal was shown live on North Korean TV. Dear Leader could not have been pleased. During their next game against Ivory Coast, the team “may literally be playing for their lives.” If they lose, the WSJ believes the coach and players should be offered asylum so they don’t have to return to North Korea and face the awful consequences.

George Soros writes that if the euro fails, it will be Germany’s fault. Germany used to be the euro’s biggest supporter, but it has turned inward. Germans, however, would do well to consider the consequences of a failed euro. “The restored Deutschemark would soar, the euro would plummet. The rest of Europe would become competitive and could grow its way out of its difficulties but Germany would find out how painful it can be to have an overvalued currency.”

Financial reform is entering “a crucial phase” in Congress and derivatives trading must be addressed. The NYT blames derivatives for much of the economic crisis. Derivatives “fed the bubble, intensified the bust and led to the bailouts.” Congress should require derivatives be “traded on transparent exchanges and processed through third-party clearinghouses to guarantee payment in case of default.” This will help avoid another financial crisis.

Financial reform is entering “a crucial phase” in Congress. The Times believes derivatives trading must be addressed. The NYT blames derivatives for much of the economic crisis. Derivatives “fed the bubble, intensified the bust and led to the bailouts.” Congress should require derivatives be traded on transparent exchanges and processed through third-party clearinghouses to guarantee payment in case of default. This will help avoid another financial crisis.

Worldwide there are 10 million millionaires. For the first time, Asia and Europe boast the same number of millionaires, about 3 million each. North America has slightly more with 3.1 million. Going forward, Bloomberg reports that wealth in Asia ex Japan “will rise at almost double the global pace.”

BP has achieved “the absolute worst possible corporate response to an oil disaster.” The Times runs through BP’s missteps and especially takes CEO Tony Hayward to task. Hayward has become a “global laughing stock” at a time when BP and its shareholders need leadership.